Nancy Pelosi is right to point out that the budget deficit is creating a legacy of debt. But like most politicians from both major parties, Pelosi is a hypocrite. She voted for some of the largest increases in spending for the last fiscal year (namely, Defense and Homeland Security budgets) that let the deficit spiral out of control: http://clerk.house.gov/evs/2003/roll513.xml http://clerk.house.gov/evs/2003/roll515.xml And of course she wanted to increase Congress' own budget (don't our hard-working officials deserve more aides?): http://clerk.house.gov/evs/2003/roll517.xml It is the House of Representatives' job to keep spending under control. The president can only spend what the House gives him -- and Democrats, once they're bought off, are just as culpable as the Republicans. Pelosi also is incorrect to argue that the tax cuts are "unaffordable" -- that might be true only if government spending could not be cut. It's a rare Democrat that would admit it, but that assumption is incorrect. Chris Edwards has identified $300 billion in programs (out of a $2.3 trillion federal budget) that are ripe for removal and would result in a balanced budget *with* the tax cuts in place: http://www.cato.org/pubs/pas/pa-515es.html Of course his colleagues came out with a similar balanced budget idea back in 1993 and it hasn't exactly happened yet: http://www.cato.org/pubs/pas/pa-194.html The latest issue of Liberty Magazine has a provocative article by R.W. Bradford that was a response to one in the previous issue by Milton Friedman. Bradford demonstrates, I think convincingly, that the size of government grew the least under a Republican Congress and a Democratic White House than in any other combination in modern history. Because Pelosi won't be speaker anytime soon, does that means it's time to start backing John Kerry for president? -Declan News From House Democratic Leader Nancy Pelosi H-204, The Capitol, Washington D.C. 20515 http://democraticleader.house.gov Thursday, October 14, 2004 Contact: Brendan Daly 202-226-7616 Pelosi Statement on U.S. Reaching Debt Limit Washington, D.C. – House Democratic Leader Nancy Pelosi issued the following statement today in response to the announcement this morning by Treasury Secretary John Snow that that the statutory debt limit has been reached, and the Bush Administration can avoid default only by resorting to extraordinary accounting measures: “Today’s action is a shameful admission that the Bush Administration’s economic policies have failed the American people. Under President Bush, our country has gone from a $5.6 trillion budget surplus to a record deficit of more than $3 trillion. Overall, as the Bush Administration admitted today, our debt is a staggering $7.38 trillion. “Due in large part to the failed economic policies developed by the Administration and enacted into law by Congressional Republicans, the debt limit now will have to be raised for the third time in three years. The Republican leadership knew that the debt limit would be reached this month, but did not want an embarrassing vote on raising the debt ceiling until after next month’s election, so is now resorting to extraordinary accounting measures to avoid that vote. “It’s time for the Bush Administration to wake up and admit reality. Unaffordable tax cuts for an elite few and billion-dollar tax breaks for companies that send American jobs overseas have not created jobs. The President’s disastrous economic policies are just creating record deficits, higher interest rates, a drag on the economy, and a legacy of debt for our children. It is time for a change.” # # # _______________________________________________ Politech mailing list Archived at http://www.politechbot.com/ Moderated by Declan McCullagh (http://www.mccullagh.org/)
This archive was generated by hypermail 2.1.3 : Thu Oct 14 2004 - 20:55:36 PDT